Ilan Abraham Marco, citizen of Israel and France, called elderly French people, who had suffered from binary options fraud, and presented himself as a French law enforcement officer wishing to return their money.
According to The Times of Israel, citing the Israeli police, Marco defrauded more than 200 French citizens who had previously been victims of binary options investment fraud. He told the victims that the French authorities had returned their stolen money and that they could receive it if they first paid a commission to a bank account whose details he provided.
He is suspected of deceiving his victims for a total amount of about € 1,5 million.
The Israeli police are trying to find out how he obtained the names and contact information of the victims of binary options, as well as whether he is associated with this scam.
During a search of his central Tel Aviv apartment, the police found €537,110, $87,900 and NIS 627,200 ($186,000) in cash.
For his part, he stated that he received the money from an inheritance in France, before his immigration to Israel in 2011. At the same time, he claims that he reported this money to the Israeli tax office.
During the search, the police also seized seven cellphones, computers, documents, credit cards and checkbooks in the suspect’s apartment.
The Israeli police launched an investigation of the alleged fraud in February at the request of the French police.
Marco is originally from the Paris suburb Sarcelles. Before moving to Israel in January 2011, he worked for a PR firm.